UPDATE–the OTC Grey Market temporary ticker is DXPBN. Thanks to Bob-in-Thailand for being on this.
Dynex Capital (DX) has priced their previously announced fixed-to-floating rate preferred.
The company is selling 4 million shares plus 600,000 for over allotment with an initial fixed rate of 6.90%. The coupon will float starting 4/15/2025 at the rate of 3 Month Libor plus 5.461%.
The issue is unrated and will be cumulative but not qualified.
The permanent ticker will be DX-C when it begins to trade on the permanent exchange.
Issue will trade OTC immediately, but the temporary ticker has not been announced as of this minute-we will post it when it is announced.
The company will redeem their DX-A 8.50% perpetual preferred with the proceeds of this new offering.